Our tax committee unpacked the changes in SARS’ access to information and the consequences of non-disclosure, as well as, discussed how best to regularise your tax and exchange control affairs and answered the following frequently asked questions:
• What do taxpayers do if they have not regularised their foreign assets in the 2003 Amnesty or the 2016 Special Voluntary Disclosure Program?
• What if you left SA many years ago and have been working offshore with no intention of ever returning – does SARS’ powers to access information impact you too?
• What options are available to taxpayers who would like to regularise their affairs and what are the tax consequences that arise as part of the disclosure process?
• What are the implications of non-disclosure?

They also touched on the recent emphasis placed by Tax Authorities worldwide on the detection of cryptocurrency trading by taxpayers, and the importance of taxpayers understanding the tax implications arising from such investments.

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